Consumer-focused SPAC GP-Act III Acquisition withdraws $250 million IPO

GP-Act III Acquisition, a blank check company backed by GP Investments and former Hain Celestial execs, withdrew its plans for an initial public offering on Wednesday. It had filed in March 2021 to raise $250 million by offering 25 million units at $10, with each unit most recently containing one share of common stock and one-half of a warrant.

The company was set to be led by Co-Chairman Fersen Lamas Lambranho, who serves as Chairman of GP Investments, and Co-Chairman Irwin Simon, who previously founded The Hain Celestial Group (Nasdaq: HAIN). They were set to be joined by CEO and Director Antonio Bonchristiano, who is the CEO of GP Investments. GP-Act III Acquisition planned to target consumer-facing businesses based in the US.

The New York, NY-based company was founded in 2020 and had planned to list on the Nasdaq under the symbol GPATU. Cantor Fitzgerald was set to be the sole bookrunner on the deal.